The new ipad mini 4 is rumored to be a miniaturized version of Ipad Air 2. OnLeaks

The rumor mill is busy with speculations that the iPad Air 3 is scheduled for release in late October 2015 or early November, or about the same time Apple will slash the price of the iPad Air 2. The next installment of the iPad Air is expected to come in three colors, gold, silver and space grey.

MacWorld said the new iPad Air 3 would likely cost the same as the iPad Air 2 when it was launched or $499 for the 16GB, $599 for the 64GB Wi-Fi model and $699 for the 128GB version. However, the iPad Air 2 is expected to drop to at least $99 in October, the report added.

An October release of the iPad Air 3 is consistent with Apple's release schedule, it added. The iPad Air 2 was introduced to the media in Apple's Cupertino campus in California on 16 October 2014 while the iPad Air 1 was unveiled on 22 October 2013, and released at the start of November.

Compared to the iPad Air 2, which is sporting an A8X 64-bit processor, 2GB of RAM, the iPad Air 3 will have an A9 or an A9X chipset with 3GB of RAM for faster processing and to allow for speedy multi-tasking capabilities using an iOS 9 operating system. The iPad Air 3 is also expected to feature 2K resolution with 3D display with 400ppi, and a 13-megapixel camera with LED flash. The tablet will also feature a more powerful battery to support the faster processor, larger monitor, as well as its other features, said iPadAir3Update.

The iPad Air 3 will also include a slot for external memory to allow users to expand its memory. There are speculations that Apple will infuse a face recognition feature in iPad Air 3 that gives users access to the device using their faces. Another cool feature of the latest iPad Air is the wireless charging that is currently available in iPhones.

iPad Mini 4 Release, Specs

Industry tipster OnLeaks posted on his Twitter account @OnLeaks several pictures which he claimed are the new case of the iPad mini 4. The pictures show the alleged iPad mini 4 in very slim body.

He wrote on Twitter, "Well, this is #Apple's #iPadMini4 Housing... (more to come very soon...)"

Aside from having slimmer body, Apple is reported to be busy finalizing the final features for the new iPad mini 4. Christian Today said the iPad mini 4 would look like the iPad Air 2 but will only have one row of speaker holes. Do not be surprised if you find the mute button missing in the iPad mini 4 as it will be replaced with a small microphone, the report added.

Apple has also upgraded the inside of the iPad mini 4. The device will be sporting 2GB of RAM and a faster A9 processor that is augmented with an M9 co-processor. The dual processors is Apple's response to criticisms that the existing iPad mini flagship did not have much upgrade in its system.

Other features of the iPad mini 4 include a 7.9-inch Retina screen and run on the latest iOS 9. The device is also capable of a fingerprint scan with the Touch ID feature as Apple integrates its mobile payment service Apple Pay, on the device.